Apollo Global Management will establish a second US headquarters in the American South, joining elite New York finance firms seeking expansion beyond traditional hubs. The alternative asset manager, overseeing more than $900 billion, is considering Austin, Texas, south Florida, and Nashville for its new base. Apollo confirmed they'll set up this second HQ in either Texas or Florida alongside existing New York operations.

Apollo has significantly expanded beyond Manhattan since the pandemic, opening offices in Greenwich, Miami, and Palm Beach. The firm's workforce grew from 1,700 employees at end-2020 to more than 4,000 currently. This strategic move follows a broader trend where financial services firms like Citadel, Elliott Management, and Goldman Sachs have established major operations in Sunbelt states with favorable business climates.

The decision challenges New York's dominance in financial services, with Apollo stating that New York does not have a monopoly on talent. While convincing top executives to relocate could prove difficult, Apollo's expansion represents a significant shift in the industry's geographical footprint. The timeline for selecting and building the second headquarters remains unclear.